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Mr Raccoon

Bailing out Ireland – The EU gets its pound of flesh.

The bailout of Ireland has been agreed this weekend, weighing in at €85 billion all told.

FT Alphaville has the full details here but the following caught my eye (emphasis mine) :

The State’s contribution to the €85 billion facility will be €17.5 billion, which will come from the National Pension Reserve Fund (NPRF) and other domestic cash resources. This means that the extent of the external assistance will be reduced to €67.5 billion.

So, not only do Ireland have to endure the Imposition of Misery and Famine (yes that is the IMF) with higher taxes and lower benefits :

The Programme endorses the Irish Government’s budgetary adjustment Plan of €15 billion over the next four years, and the commitment for a substantial €6 billion frontloading of this plan in 2011.

The details of the Programme closely reflects the key objectives set out in the National Recovery Plan published last week.

The adjustment will be made up of €10 billion in expenditure savings and €5 billion in taxes.

Irish people are also having their pension fund raided to prop up German, French and UK banks – if this doesn’t get them out on the streets in their millions then nothing will.

Governments in Europe expecting a Winter of discontent from their unions may actually find that it is the proles leading from the font after all.

All I expect now is some terrorist outrage or War somewhere to fill up the news and keep pictures of angry people from our view.

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